Saudi Oil Minister Says Market Intervention Is Ineffective

By Zainab Calcuttawala Saudi Arabia will only play steward of global oil production for a limited period before stepping back and allowing the free market to complete the supply rebalancing act, Saudi Oil Minister Khalid A. Al-Falih told CNBC on Tuesday. “History has demonstrated that intervention in response to structural shifts is largely ineffective, and I believe we in the organization have learned that lesson. That’s why Saudi Arabia does not support OPEC intervening to alleviate the impacts of long-term structural imbalances,” he said. As the largest producer in…